Demand in the electricity and electronics market is created by the rapid pace of innovation
The Business Research Company Global Electricity and Electronics Market Report 2021 – Impact and Recovery of COVID-19
LONDON, GREATER LONDON, UK, September 30, 2021 /EINPresswire.com/ – The rapid pace of innovations in electronic technology is driving a constant demand for newer and faster electrical and electronic products. Technological development is essential to attract both consumers and business users, either to replace older products or to upgrade them to advanced versions. Digital technologies such as the Internet of Things (IoT) and the latest communication technologies such as 5G are expected to contribute to the development of innovative electronic products. This is expected to increase the demand for electronic products which will ultimately drive the growth of the electronic equipment manufacturing market during the forecast period.
Virtual reality technology is adopted by electronics manufacturing companies to improve manufacturing efficiency. This technology in the electronics manufacturing industry is often referred to as digital design, simulation, and integration. Virtual reality minimizes the scope of product defects in the design phase. For example, virtual reality technology allows companies to inspect design objects at any scale imaginable, thereby eliminating product defects at the design stage. Some of the big companies adopting virtual reality include Integrated Microelectronics, Inc., Flextronics International Ltd, Benchmark Electronics, Inc., and Kimball International.
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The major players covered in the global electrical and electronics industry are Samsung Electronics Co Ltd, Panasonic Corporation, Intel Corporation, Toshiba Corporation, Taiwan Semiconductor Mfg. Co. Ltd.
The size of the global electricity and electronics market is expected to grow from $ 2.83 trillion in 2020 to $ 3.07 trillion in 2021 at a compound annual growth rate (CAGR) of 8.7%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The electricity and electronics market is expected to reach $ 3.93 trillion in 2025 at a CAGR of 6%.
TBRC Global Electricity and Electronics Market report is segmented by Type into Electrical Equipment, Measuring and Control Instrumentation, Electronic Products, by B2B End Use, B2C, by OEM sales channel, after-sales and by online, offline mode.
Global Electricity and Electronics Market Report 2021 – By Type (Electrical Equipment, Measuring & Control Instruments, Electronic Products), By End Use (B2B, B2C), By Sales Channel (OEM, Market secondary), by mode (online, offline), COVID-19 Impact And Recovery is part of a series of new reports from The Business Research Company that provides an overview of the electrical and electronics market, a forecast of the size and electrical and electronics market growth for the entire market, electrical and electronics market segments and geographies, electrical and electronics market trends, electricity and electronics market drivers, the constraints, revenues, profiles and market shares of the main competitors.
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